Macroeconomics 11th Edition by Michael Parkin

Exercise 33

Use the following news clip to work the Problem.
Underwater Oil Discovery to Transform Brazil into a Major Exporter
A huge underwater oil field discovered late last year has the potential to transform Brazil into a sizable exporter. Fifty years ago, Petrobras was formed as a trading company to import oil to support Brazil's growing economy. Two years ago, Brazil reached its long-sought goal of energy self-sufficiency.
a. Draw a graph to illustrate the Brazilian market for oil and explain why Brazil was an importer of oil until a few years ago.
b. Draw a graph to illustrate the Brazilian market for oil and explain why Brazil may become an exporter of oil in the near future.